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Official U.S. Bailout Thread (pg. 2)
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| diesel_tron3000 |
yeah Amex could have done this before, most credit cards are issues by banks anyway, it just didn't make financial sense for them to be chartered as a bank prior to all the financial trouble. it sucks a lot of companies are switching to bank status like goldmannnnnnn. mark to market accounting is sort of the problem because securities needed to be priced daily and that is reflected in balance sheets and margin calls, and then all yo cash goes out the window
the bailout is such a crap shoot. bail out lehman but not bear stearns? now we're probably going to send more money to ford and GM too. sickkkkkk. nancy pelosi you are so hotttt. obama better stand strong when he gets into office. why don't they just retool their factories to make subway cars or buses for our cities
:eek: :eek: :toothless |
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| pkcRAISTLIN |
| quote: | Originally posted by Capitalizt
Yep..$2 trillion created out of thin air and lent out to God knows who..
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all money is created out of thin air you asshat. |
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| Krypton |
| quote: | Originally posted by pkcRAISTLIN
all money is created out of thin air you asshat. |
Also, gold/silver only have value because we believe they do, just as we believe a dollar has value. If a dollar had no value, then you wouldn't be able to exchange gold for dollars. |
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| Sunsnail |
| uh huh... so.... |
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| diesel_tron3000 |
| i have an idea: how about we create an international currency to price oil (and other commodities, maybe...but certainly oil)? currency would then take on a 'real' value |
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| pkcRAISTLIN |
| quote: | Originally posted by diesel_tron3000
i have an idea: how about we create an international currency to price oil (and other commodities, maybe...but certainly oil)? currency would then take on a 'real' value |
currency already has a 'real' value. its value is determined by the market. |
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| atbell |
| quote: | Originally posted by Fir3start3r
Start listing them here folks because there's going to be lots...
Here's a new one - Americans are going to be paying American Express, twice!
That's right, American Express just filed (and got approval from the Federal Reserve) to become a bank so that they can qualify for the government handout. :whip:
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Good thinking starting this thread, I've been meaning to keep track of who's tapping uncle sam but I've been to busy.
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I'm actually furious for you guys down there! :whip:
(I have NO love for credit card companies)
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+1
About as ethical as cigarett companies. |
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| Groundhog Boy |
| quote: | Originally posted by atbell
+1
About as ethical as cigarett companies. |
Why? Because both allow people to engage in excess risk that everyone should be able to manage, but doesn't? How about Miller-Coors or InBev?
I'm sorry, but I've about had it with hearing about evil, predatory banks that lent money to those that asked for it, whether it was for a home or the $20k in credit card debt that they racked up buying HD TVs, PS3s and iPhones (note, Comscore has said that the $25-50K crowd has increased their iPhone contracts by 48% since June). And now it's all the banks' fault?
Edited to make sense... |
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| Lilith |
| quote: | | Originally posted by Groundhog Boy And now it's all the banks' fault? |
A distinct lack of self discipline and sense of entitlement in 1st world countries has come to a crux at least, maybe that's a good thing as the last true depression has left mostly living memory and people need to be reminded that the only one who will look after themselves, is themselves.
Oh it will hurt.
People will hurt more than they have in 3 generations but frankly a dose of pain is the only way it will sink in as the worlds 'finest' education systems, social support and all the comparatively cheap, readily available sources of information and media have been ignored.
There is a couple of good reason why big industries get bailed out.
Mostly it is because of the employment base they, themselves support and will wipe out very large areas of middle classes, secondary industries that are associated with the industry.
The fallout of a large industry collapse is huge, everyone gets it in the neck in some form or another.
There is also some confidence and show of face that needs to be made to support what is there and functioning because if everyone grabs their bucket and starts bailing, the bomb there is just as big.
If you're looking for justice for the 'idiots' that caused this, chances are you can probably find a contributing one nearby or the seat you're sitting in as he/she aren't all conveniently in the board rooms of big business. |
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| Q5echo |
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| occrider |
| quote: | Originally posted by Shakka
Discover has credit risk and doesn't own a bank that I'm aware of.
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Discover used to be a subsidiary of Morgan Stanley
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Capital One bought Southcoast bank a couple of years ago. I think conventional wisdom has been that banks often have card divisions, but a card company doesn't just up and become a bank (Capital One aside, they bought Southcoast to give them access to low cost deposits for funding). I'm not sure what Amex's plans are to start up some sort of depository. |
Yes most other card issuers are banks. Visa and Mastercard are simply payment processors. So when one is talking about credit card issuers they need to differentiate between issuers that are actually extending credit (banks, amex, discover, et al) and those that are simply payment processors (visa and mastercard). Amex is more like a bank than people realize. The reason why we (amex) became a bank holding company is because we're extremely conservative as a company. And it kinda makes sense to be risk adverse in this environment. We've tapped the fed CP short term auction facility to fund our business (when we could have sustained operations for a year even if the credit markets COMPLETELY seized up), and we're converting to a bank holding company to take advantage of TARP if we need to. As an additional conservative measure the plan is to build a depository base ... like I said, I haven't really seen such conservativeness anywhere else ... particulalry one of the traditional banks.
That said I'm employed by amex so take what i have to say with a grain of salt. |
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